Andy Sommerville, director of Search Acumen, comments on the HM Revenue and Customs UK Property Transaction Statistics for May 2016:
“We were expecting this dip in transactions after the artificial spike engineered by the rush to beat the stamp duty hike on second homes and buy to let properties in March. That, together with the fact that transactions in total for the past three months are higher than the year before, means there is little reason to fret.
“The property market is slowing its pace, but with the referendum less than 72 hours away, it’s understandable that buyers are cautious with their nest eggs and where to put them.”
“A shortage in housing supply remains the real elephant in the room, which will continue to limit the number of property transactions. It’s not just first time buyers who need help up the property ladder, but it’s increasingly clear that second steppers are also having a hard time as the price of houses outpaces the price of flats.
“Some people are waiting to see what happens on Thursday, but despite the uncertainty asking prices don’t appear to be dropping. The ultimate solution – building more houses – continues to stare us in the face, Brexit or no Brexit.”